Practice, agents and regulation

AML/CTF (anti-money laundering and counter-terrorism financing)

AML/CTF is the legal framework for detecting and preventing money laundering and terrorism financing, set out in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and regulated by AUSTRAC. Businesses that provide designated services are reporting entities and must enrol with AUSTRAC, adopt an AML/CTF program, verify customers, monitor transactions and report suspicious matters. The Australian Government has legislated reforms that extend the regime to additional professions, and AUSTRAC publishes the timing and guidance. A practice should read AUSTRAC's material to find out whether it will be a reporting entity and from when, and should not rely on a summary from a software vendor.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.